NEW YORK, Jan. 24, 2020 /PRNewswire/ -- Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action has been filed on behalf of investors that purchased or acquired the securities of Opera Limited ("Opera" or the "Company") (NASDAQ: OPRA) either: (i) pursuant to and/or traceable to the Company's initial public offering commenced on or about July 27, 2018 (the "IPO" or the "Offering") and/or (ii) between July 27, 2018, and January 15, 2020, both dates inclusive (the "Class Period"). The lawsuit filed in the United States District Court for the Southern District of New York alleges violations of the Securities Act of 1933 and the Securities Exchange Act of 1934.
If you purchased Opera securities, and/or would like to discuss your legal rights and options please visit Opera Shareholder Class Action or contact Matthew E. Guarnero toll free at (877) 779-1414 or [email protected].
The complaint alleges that the Defendants made false and/or materially misleading statements and that the Offering Documents were negligently prepared, and as a result contained untrue statements of material fact or omitted to state other facts necessary to make the statements made not misleading and were not prepared in accordance with the rules and regulations governing their preparation. Specifically, the Offering Documents and Defendants made false and/or misleading statements and/or failed to disclose that: (i) Opera's sustainable growth and market opportunity for its browser applications was significantly overstated; (ii) Defendants' funded, owned, or otherwise controlled loan services applications and/or businesses relied on predatory lending practices; (iii) all the foregoing, once revealed, were reasonably likely to have a material negative impact on Opera's financial prospects, especially with respect to its lending applications' continued availability on the Google Play Store; and (iv) as a result, the Offering Documents and Defendants' statements were materially false and/or misleading and failed to state information required to be stated therein.
On January 16, 2020, Hindenburg Research ("Hindenburg") published a report asserting that Hindenburg had "a 12-month price target of $2.60 on Opera, representing a 70% downside." Among other issues, Hindenburg reported that Opera's "browser market share is declining rapidly, down ~30% since its IPO"; that Opera was involved in "predatory short-term loans in Africa and India, deploying deceptive 'bait and switch' tactics to lure in borrowers and charging egregious interest rates ranging from ~365-876%"; that Opera's lending business applications, many of which are offered on Google's Play Store—particularly, OKash, OPesa, CashBean, and Opay—were "in black and white violation of numerous Google rules" aimed at "curtail[ing] predatory lending"; and that consequently, Opera's entire lending business was "at risk of disappearing or being severely curtailed when Google notices" Opera's alleged violation of its rules.
On this news, Opera's ADS price fell $1.69 per share, or 18.74%, to close at $7.33 per share on January 16, 2020.
If you purchased Opera securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/operalimited-opra-shareholder-class-action-litigation-stock-fraud-240/apply/ or contact Matthew E. Guarnero toll free at (877) 779-1414 or [email protected].
If you wish to serve as lead plaintiff, you must move the Court no later than March 24, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.
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SOURCE Bernstein Liebhard LLP